Cotton unchanged

Karachi : Trading activity slowed down at the Karachi Cotton Exchange on Saturday, while spot rates remained unchanged.

Karachi Cotton Association kept the official spot rates intact at Rs9,400/maund (37.324kg) and Rs10,074/40kg. Ex-Karachi rates also stood firm at Rs9,545/maund and Rs10,229/40kg after an addition of Rs145 and Rs155 as upcountry expenses, respectively.

Naseem Usman, president of the Karachi Cotton Brokers Association, said that high demand in the market and very low supply resulted in a huge increase of Rs1,600/maund in prices in the last three weeks. “Market prices remained at that level in 2010/11 when international market saw crisis,” he added. Karachi cotton market recorded five transactions of around 3,000 bales at the rate of Rs9,450 to Rs9,600/maund. Deals were recorded from Tando Adam, Shahdadpur, Burewala, Vehari and Chichawatni.